A standard condo insurance policy typically provides the following coverage:

• Cabinets and fixtures – Your association’s coverage typically extends right up to the walls of your unit. Your condo insurance takes over from there. It protects what’s on your side of the walls, plus anything attached to them, such as your cabinets, appliances and flooring.
• Your belongings – Condo insurance can help you repair or replace any damaged or stolen personal items, such as computers, bicycles, TVs and furniture.
• Lawsuits and medical bills – If someone brings a claim or lawsuit against you, condo insurance can help you pay for your defense and court costs. It can also pay for medical expenses for guests who are accidentally injured in your unit.
• Emergency living expenses – If you’re forced from your unit or building due to a covered event, condo insurance can help cover costs such as alternate lodging and other living expenses.

Your insurance policy’s declarations page is a document that summarizes some key information about your policy. Also known as a “dec page,” it explains things like how much coverage you have, when your policy takes effect and how much it costs. Put simply, it’s an overview of the key parts of your insurance policy.

Condo insurance rates are based on a variety of different factors, such as how much coverage you need, the location and age of your home, and your claim history. Each insurance company decides what factors are important and how much weight to give each factor.

Your condo insurance deductible is the amount you pay out of pocket before your insurance kicks in. A higher deductible means you’ll pay more out of pocket in the event of a claim, but it could also lower your premium.

Whether you have a homeowners, condo or renters policy, highly valuable items are protected by your personal property coverage, also called Coverage C. However, the amount of coverage you have for these items may be limited. That’s because highly valuable items are more likely to be stolen. If you don’t think your coverage limits are high enough, you can purchase additional coverage to fully protect the pieces you value most.